Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 10, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-36216 | |
Entity Registrant Name | IDEAL POWER INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 14-1999058 | |
Entity Address, Address Line One | 5508 Highway 290 West, Suite 120 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78735 | |
City Area Code | 512 | |
Local Phone Number | 264-1542 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | IPWR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 5,945,347 | |
Entity Central Index Key | 0001507957 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 10,760,854 | $ 16,345,623 |
Accounts receivable, net | 100,000 | 65,936 |
Prepayments and other current assets | 382,091 | 491,365 |
Total current assets | 11,242,945 | 16,902,924 |
Property and equipment, net | 343,365 | 200,103 |
Intangible assets, net | 2,556,861 | 2,036,431 |
Right of use asset | 202,474 | 248,720 |
Other assets | 13,311 | 11,189 |
Total assets | 14,358,956 | 19,399,367 |
Current liabilities: | ||
Accounts payable | 63,955 | 130,503 |
Accrued expenses | 690,655 | 254,218 |
Current portion of lease liability | 69,128 | 64,597 |
Total current liabilities | 823,738 | 449,318 |
Long-term lease liability | 150,588 | 202,987 |
Other long-term liabilities | 1,165,089 | 838,458 |
Total liabilities | 2,139,415 | 1,490,763 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 50,000,000 shares authorized; 5,946,668 shares issued and 5,945,347 shares outstanding at September 30, 2023 and 5,926,001 shares issued and 5,924,680 shares outstanding at December 31, 2022 | 5,947 | 5,926 |
Additional paid-in capital | 106,870,506 | 105,011,318 |
Treasury stock, at cost, 1,321 shares at September 30, 2023 and December 31, 2022 | 13,210 | 13,210 |
Accumulated deficit | (94,643,702) | (87,095,430) |
Total stockholders’ equity | 12,219,541 | 17,908,604 |
Total liabilities and stockholders’ equity | $ 14,358,956 | $ 19,399,367 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued (in shares) | 5,946,668 | 5,926,001 |
Common Stock, Shares, Outstanding (in shares) | 5,945,347 | 5,924,680 |
Treasury Stock, Common, Shares (in shares) | 1,321 | 1,321 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total revenue | $ 1,557 | $ 10,675 | $ 137,388 | $ 186,661 |
Total cost of revenue | 2,787 | 10,675 | 114,188 | 186,661 |
Gross profit | (1,230) | 0 | 23,200 | 0 |
Operating expenses: | ||||
Research and development | 1,690,538 | 780,151 | 4,337,254 | 2,337,081 |
General and administrative | 854,025 | 768,957 | 2,682,951 | 2,356,543 |
Sales and marketing | 293,963 | 207,443 | 870,189 | 660,024 |
Total operating expenses | 2,838,526 | 1,756,551 | 7,890,394 | 5,353,648 |
Loss from operations | (2,839,756) | (1,756,551) | (7,867,194) | (5,353,648) |
Interest income, net | 99,275 | 52,781 | 318,922 | 55,243 |
Net loss | $ (2,740,481) | $ (1,703,770) | $ (7,548,272) | $ (5,298,405) |
Net loss per share – basic and diluted (in dollars per share) | $ (0.44) | $ (0.28) | $ (1.22) | $ (0.86) |
Weighted average number of shares outstanding – basic and diluted (in shares) | 6,192,286 | 6,157,625 | 6,185,447 | 6,156,876 |
Development Revenue [Member] | ||||
Total revenue | $ 1,557 | $ 0 | $ 100,000 | $ 0 |
Total cost of revenue | 2,787 | 0 | 76,800 | 0 |
Grant [Member] | ||||
Total revenue | 0 | 10,675 | 37,388 | 186,661 |
Total cost of revenue | $ 0 | $ 10,675 | $ 37,388 | $ 186,661 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (7,548,272) | $ (5,298,405) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 193,900 | 134,557 |
Stock-based compensation | 1,859,209 | 696,127 |
Stock issued for services | 0 | 100,100 |
Decrease (increase) in operating assets: | ||
Accounts receivable | 34,604 | (183,934) |
Prepaid expenses and other assets | (153,398) | 360,847 |
Increase (decrease) in operating liabilities: | ||
Accounts payable | (66,548) | (110,657) |
Accrued expenses and other liabilities | 263,643 | 142,458 |
Net cash used in operating activities | (5,178,734) | (4,512,733) |
Cash flows from investing activities: | ||
Purchase of property and equipment | 198,338 | 118,239 |
Acquisition of intangible assets | 207,697 | 88,640 |
Net cash used in investing activities | (406,035) | (206,879) |
Net decrease in cash and cash equivalents | (5,584,769) | (4,719,612) |
Cash and cash equivalents at beginning of period | 16,345,623 | 23,170,149 |
Cash and cash equivalents at end of period | $ 10,760,854 | $ 18,450,537 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Dec. 31, 2021 | 5,893,767 | 1,321 | |||
Balances at Dec. 31, 2021 | $ 5,894 | $ 104,063,321 | $ (13,210) | $ (79,906,080) | $ 24,149,925 |
Exercise of options (in shares) | 1,351 | 0 | |||
Exercise of options | $ 1 | (1) | $ 0 | 0 | 0 |
Stock issued for services (in shares) | 10,000 | 0 | |||
Stock issued for services | $ 10 | 100,090 | $ 0 | 0 | 100,100 |
Stock-based compensation | 0 | 231,765 | 0 | 0 | 231,765 |
Net loss | $ 0 | 0 | $ 0 | (1,904,641) | (1,904,641) |
Balances (in shares) at Mar. 31, 2022 | 5,905,118 | 1,321 | |||
Balances at Mar. 31, 2022 | $ 5,905 | 104,395,175 | $ (13,210) | (81,810,721) | 22,577,149 |
Balances (in shares) at Dec. 31, 2021 | 5,893,767 | 1,321 | |||
Balances at Dec. 31, 2021 | $ 5,894 | 104,063,321 | $ (13,210) | (79,906,080) | 24,149,925 |
Net loss | (5,298,405) | ||||
Balances (in shares) at Sep. 30, 2022 | 5,905,118 | 1,321 | |||
Balances at Sep. 30, 2022 | $ 5,905 | 104,859,537 | $ (13,210) | (85,204,485) | 19,647,747 |
Balances (in shares) at Mar. 31, 2022 | 5,905,118 | 1,321 | |||
Balances at Mar. 31, 2022 | $ 5,905 | 104,395,175 | $ (13,210) | (81,810,721) | 22,577,149 |
Stock-based compensation | 0 | 230,473 | 0 | 0 | 230,473 |
Net loss | $ 0 | 0 | $ 0 | (1,689,994) | (1,689,994) |
Balances (in shares) at Jun. 30, 2022 | 5,905,118 | 1,321 | |||
Balances at Jun. 30, 2022 | $ 5,905 | 104,625,648 | $ (13,210) | (83,500,715) | 21,117,628 |
Stock-based compensation | 0 | 233,889 | 0 | 0 | 233,889 |
Net loss | $ 0 | 0 | $ 0 | (1,703,770) | (1,703,770) |
Balances (in shares) at Sep. 30, 2022 | 5,905,118 | 1,321 | |||
Balances at Sep. 30, 2022 | $ 5,905 | 104,859,537 | $ (13,210) | (85,204,485) | 19,647,747 |
Balances (in shares) at Dec. 31, 2022 | 5,926,001 | 1,321 | |||
Balances at Dec. 31, 2022 | $ 5,926 | 105,011,318 | $ (13,210) | (87,095,430) | 17,908,604 |
Stock-based compensation | 0 | 609,926 | 0 | 0 | 609,926 |
Net loss | $ 0 | 0 | $ 0 | (2,527,985) | (2,527,985) |
Vesting of restricted stock units (in shares) | 6,889 | 0 | |||
Vesting of restricted stock units | $ 7 | (7) | $ 0 | 0 | 0 |
Balances (in shares) at Mar. 31, 2023 | 5,932,890 | 1,321 | |||
Balances at Mar. 31, 2023 | $ 5,933 | 105,621,237 | $ (13,210) | (89,623,415) | 15,990,545 |
Balances (in shares) at Dec. 31, 2022 | 5,926,001 | 1,321 | |||
Balances at Dec. 31, 2022 | $ 5,926 | 105,011,318 | $ (13,210) | (87,095,430) | 17,908,604 |
Net loss | (7,548,272) | ||||
Balances (in shares) at Sep. 30, 2023 | 5,946,668 | 1,321 | |||
Balances at Sep. 30, 2023 | $ 5,947 | 106,870,506 | $ (13,210) | (94,643,702) | 12,219,541 |
Balances (in shares) at Mar. 31, 2023 | 5,932,890 | 1,321 | |||
Balances at Mar. 31, 2023 | $ 5,933 | 105,621,237 | $ (13,210) | (89,623,415) | 15,990,545 |
Stock-based compensation | 0 | 623,281 | 0 | 0 | 623,281 |
Net loss | $ 0 | 0 | $ 0 | (2,279,806) | (2,279,806) |
Vesting of restricted stock units (in shares) | 6,889 | 0 | |||
Vesting of restricted stock units | $ 7 | (7) | $ 0 | 0 | 0 |
Balances (in shares) at Jun. 30, 2023 | 5,939,779 | 1,321 | |||
Balances at Jun. 30, 2023 | $ 5,940 | 106,244,511 | $ (13,210) | (91,903,221) | 14,334,020 |
Stock-based compensation | 0 | 626,002 | 0 | 0 | 626,002 |
Net loss | $ 0 | 0 | $ 0 | (2,740,481) | (2,740,481) |
Vesting of restricted stock units (in shares) | 6,889 | 0 | |||
Vesting of restricted stock units | $ 7 | (7) | $ 0 | 0 | 0 |
Balances (in shares) at Sep. 30, 2023 | 5,946,668 | 1,321 | |||
Balances at Sep. 30, 2023 | $ 5,947 | $ 106,870,506 | $ (13,210) | $ (94,643,702) | $ 12,219,541 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1 Organization and Description of Business Ideal Power Inc. (the “Company”) was incorporated in Texas on May 17, 2007 under the name Ideal Power Converters, Inc. The Company changed its name to Ideal Power Inc. on July 8, 2013 and re-incorporated in Delaware on July 15, 2013. With headquarters in Austin, Texas, the Company is focused on the further development and commercialization of its Bidirectional bipolar junction TRANsistor (B-TRAN™) solid-state switch technology. Since its inception, the Company has financed its research and development efforts and operations primarily through the sale of common stock. The Company’s continued operations are dependent upon, among other things, its ability to obtain adequate sources of funding through future revenues, follow-on stock offerings, issuances of warrants, debt financing, co-development agreements, government grants, sale or licensing of developed intellectual property or other alternatives. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The balance sheet at December 31, 2022 has been derived from the Company’s audited financial statements included in its Annual Report on Form 10-K filed with the SEC on March 30, 2023. In the opinion of management, these financial statements reflect all normal recurring, and other adjustments, necessary for a fair presentation. These financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year or any other future periods. Net Loss Per Share In accordance with Accounting Standards Codification 260, shares issuable for little or no cash consideration are considered outstanding common shares and included in the computation of basic net loss per share. As such, for the three and nine months ended September 30, 2023 and 2022, the Company included pre-funded warrants to purchase 253,828 shares of common stock in its computation of net loss per share. The pre-funded warrants were issued in November 2019 with an exercise price of $0.001. See Note 7. In periods with a net loss, no common share equivalents are included in the computation of diluted net loss per share because their effect would be anti-dilutive. At September 30, 2023 and 2022, potentially dilutive shares outstanding amounted to 1,629,117 and 1,412,368 shares, respectively, and exclude prefunded warrants to purchase shares of common stock. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standard, if adopted, would have a material impact on the Company’s financial statements. |
Note 3 - Intangible Assets
Note 3 - Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 3 Intangible Assets Intangible assets, net consisted of the following: September 30, December 31, 2023 2022 (unaudited) Patents $ 1,456,513 $ 1,263,930 Trademarks 15,114 — Other intangible assets 1,843,036 1,391,479 3,314,663 2,655,409 Accumulated amortization - patents (256,340 ) (211,078 ) Accumulated amortization - other intangible assets (501,462 ) (407,900 ) $ 2,556,861 $ 2,036,431 At September 30, 2023 and December 31, 2022, the Company had capitalized $472,108 and $341,610, respectively, for costs related to patents and trademarks that have not been awarded. Cost related to patents that have not yet been awarded are not amortized until patent issuance. As further discussed in Note 5, the Company entered into a license agreement in April 2023 and capitalized $451,557 in other intangible assets related to this agreement. Amortization expense amounted to $50,420 and $138,824 for the three and nine months ended September 30, 2023, respectively, and $37,442 and $111,352 for the three and nine months ended September 30, 2022, respectively. Amortization expense for the succeeding five years and thereafter is $50,420 (remaining three months of 2023), $201,679 (2024-2027) and $1,227,617 (thereafter). |
Note 4 - Lease
Note 4 - Lease | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 4 Lease In March 2021, the Company entered into a lease agreement for 4,070 square feet of office and laboratory space located in Austin, Texas. The commencement of the lease occurred on June 1, 2021 and the initial term of the lease was 63 months. The actual base rent in the first year of the lease was $56,471 and was net of $18,824 in abated rent over the first three months of the lease term. The annual base rent in the second year of the lease was $77,330 and increases by $2,035 in each succeeding year of the lease. In addition, the Company is required to pay its proportionate share of operating costs for the building under this triple net lease. The lease contains a 5-year fair market renewal option. It does not contain a termination option. The Company recognized a right of use asset of $339,882 and a corresponding lease liability for this lease upon lease commencement. For purposes of calculating the right of use asset and lease liability included in the Company’s financial statements, the Company estimated its incremental borrowing rate at 6% per annum. Future minimum payments under the lease are as follows: For the Year Ended December 31, 2023 (remaining) $ 19,841 2024 80,552 2025 82,587 2026 56,132 Total lease payments 239,112 Less: imputed interest (19,396 ) Total lease liability 219,716 Less: current portion of lease liability (69,128 ) Long-term lease liability $ 150,588 At September 30, 2023, the remaining lease term was 35 months. For the nine months ended September 30, 2023 and 2022, operating cash outflows for lease payments totaled $58,676 and $57,150, respectively. For both the three months ended September 30, 2023 and 2022, operating lease cost, recognized on a straight-line basis, totaled $19,018, and for both the nine months ended September 30, 2023 and 2022, operating lease cost, recognized on a straight-line basis, totaled $57,053. |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 5 Commitments and Contingencies License Agreement In 2015, the Company entered into a licensing agreement which expires in February 2033. Per the agreement, the Company has an exclusive royalty-free license associated with semiconductor power switches which enhances its intellectual property portfolio. The Company will pay $100,000 annually under this agreement. In April 2023, the Company amended a 2021 license agreement which expires in February 2034. Per the agreement, the Company has an exclusive royalty-free license associated with semiconductor drive circuitry which enhances its intellectual property portfolio. The Company will pay $50,000 annually under this agreement. At inception, the Company recorded an intangible asset and other long-term liability of $451,557, for the estimated present value of future payments under the licensing agreement. At September 30, 2023 and December 31, 2022, the other long-term liability for the estimated present value of future payments under the licensing agreements was $1,165,089 and $838,458, respectively. The Company is accruing interest for future payments related to these agreements. Legal Proceedings The Company may be subject to litigation from time to time in the ordinary course of business. The Company is not currently party to any legal proceedings. Indemnification Obligations The employment agreements of Company executives include an indemnification provision whereby the Company shall indemnify and defend, at the Company’s expense, its executives so long as an executive’s actions were taken in good faith and in furtherance of the Company’s business and within the scope of executive’s duties and authority. |
Note 6 - Equity Incentive Plan
Note 6 - Equity Incentive Plan | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 6 Equity Incentive Plan In May 2013, the Company adopted the 2013 Equity Incentive Plan (as amended and restated, the “Plan”) and reserved shares of common stock for issuance under the Plan, which was last amended in June 2023. The Plan is administered by the Compensation Committee of the Company’s Board of Directors (the “Board”). At September 30, 2023, 524,680 shares of common stock were available for issuance under the Plan. A summary of the Company’s stock option activity and related information is as follows: Weighted Weighted Average Average Remaining Stock Exercise Life Options Price (in years) Outstanding at December 31, 2022 513,948 $ 7.59 6.6 Granted 12,000 $ 11.96 Outstanding at September 30, 2023 525,948 $ 7.69 5.9 Exercisable at September 30, 2023 463,950 $ 7.09 5.6 A summary of the Company’s restricted stock unit (RSU) and performance stock unit (PSU) activity is as follows: RSUs PSUs Outstanding at December 31, 2022 183,666 114,000 Granted 39,750 — Vested (20,667 ) — Outstanding at September 30, 2023 202,749 114,000 During the nine months ended September 30, 2023, the Company granted 27,550 RSUs to Board members, 12,200 RSUs to employees and 12,000 stock options to employees under the Plan. The estimated fair value of these equity grants, calculated using the Black-Scholes option valuation model for the stock options, was $529,389, $263,558 of which was recognized during the nine months ended September 30, 2023. At September 30, 2023, there was $1,944,010of unrecognized compensation cost related to non-vested equity awards granted under the Plan. That cost is expected to be recognized over a weighted average period of 0.9 years. |
Note 7 - Warrants
Note 7 - Warrants | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | Note 7 Warrants At September 30, 2023 and December 31, 2022, the Company had 786,420 warrants outstanding with a weighted average exercise price of $5.19 per share and 253,828 pre-funded warrants outstanding with an exercise price of $0.001 per share. The weighted average remaining life, excluding the 253,828 pre-funded warrants with no expiration date, of the outstanding warrants is 1.4 years. At September 30, 2023, all warrants were exercisable, although the warrants held by certain of the Company’s warrant holders may be exercised only to the extent that the total number of shares of common stock then beneficially owned by such warrant holder does not exceed 4.99% (or, at the investor’s election, 9.99%) of the outstanding shares of the Company’s common stock. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The balance sheet at December 31, 2022 has been derived from the Company’s audited financial statements included in its Annual Report on Form 10-K filed with the SEC on March 30, 2023. In the opinion of management, these financial statements reflect all normal recurring, and other adjustments, necessary for a fair presentation. These financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year or any other future periods. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share In accordance with Accounting Standards Codification 260, shares issuable for little or no cash consideration are considered outstanding common shares and included in the computation of basic net loss per share. As such, for the three and nine months ended September 30, 2023 and 2022, the Company included pre-funded warrants to purchase 253,828 shares of common stock in its computation of net loss per share. The pre-funded warrants were issued in November 2019 with an exercise price of $0.001. See Note 7. In periods with a net loss, no common share equivalents are included in the computation of diluted net loss per share because their effect would be anti-dilutive. At September 30, 2023 and 2022, potentially dilutive shares outstanding amounted to 1,629,117 and 1,412,368 shares, respectively, and exclude prefunded warrants to purchase shares of common stock. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standard, if adopted, would have a material impact on the Company’s financial statements. |
Note 3 - Intangible Assets (Tab
Note 3 - Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, December 31, 2023 2022 (unaudited) Patents $ 1,456,513 $ 1,263,930 Trademarks 15,114 — Other intangible assets 1,843,036 1,391,479 3,314,663 2,655,409 Accumulated amortization - patents (256,340 ) (211,078 ) Accumulated amortization - other intangible assets (501,462 ) (407,900 ) $ 2,556,861 $ 2,036,431 |
Note 4 - Lease (Tables)
Note 4 - Lease (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | For the Year Ended December 31, 2023 (remaining) $ 19,841 2024 80,552 2025 82,587 2026 56,132 Total lease payments 239,112 Less: imputed interest (19,396 ) Total lease liability 219,716 Less: current portion of lease liability (69,128 ) Long-term lease liability $ 150,588 |
Note 6 - Equity Incentive Plan
Note 6 - Equity Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Stock Exercise Life Options Price (in years) Outstanding at December 31, 2022 513,948 $ 7.59 6.6 Granted 12,000 $ 11.96 Outstanding at September 30, 2023 525,948 $ 7.69 5.9 Exercisable at September 30, 2023 463,950 $ 7.09 5.6 |
Share-Based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | RSUs PSUs Outstanding at December 31, 2022 183,666 114,000 Granted 39,750 — Vested (20,667 ) — Outstanding at September 30, 2023 202,749 114,000 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - $ / shares | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Nov. 30, 2019 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5.19 | $ 5.19 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,629,117 | 1,412,368 | ||
Prefunded Warrants [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 253,828 | 253,828 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Note 3 - Intangible Assets (Det
Note 3 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Apr. 30, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets, Gross | $ 3,314,663 | $ 3,314,663 | $ 2,655,409 | |||
Amortization of Intangible Assets | 50,420 | $ 37,442 | 138,824 | $ 111,352 | ||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 50,420 | 50,420 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 201,679 | 201,679 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 201,679 | 201,679 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 201,679 | 201,679 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 201,679 | 201,679 | ||||
Finite Lived Intangible Asset Expected Amortization After Year Four | 1,227,617 | 1,227,617 | ||||
Patents and Trademarks Yet to be Awarded [Member] | ||||||
Finite-Lived Intangible Assets, Gross | 472,108 | 472,108 | $ 341,610 | |||
Licensing Agreements [Member] | ||||||
Finite-Lived Intangible Assets, Gross | $ 451,557 | $ 451,557 | $ 451,557 |
Note 3 - Intangible Assets - Sc
Note 3 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Gross | $ 3,314,663 | $ 2,655,409 |
Finite-Lived Intangible Assets, Net | 2,556,861 | 2,036,431 |
Patents [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,456,513 | 1,263,930 |
Accumulated amortization | (256,340) | (211,078) |
Trademarks [Member] | ||
Finite-Lived Intangible Assets, Gross | 15,114 | 0 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,843,036 | 1,391,479 |
Accumulated amortization | $ (501,462) | $ (407,900) |
Note 4 - Lease (Details Textual
Note 4 - Lease (Details Textual) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) ft² | |
Operating Lease, Right-of-Use Asset | $ 202,474 | $ 202,474 | $ 248,720 | |||
Lessee, Operating Lease, Discount Rate | 6% | |||||
Lessee, Operating Lease, Remaining Lease Term | 35 months | 35 months | ||||
Operating Lease, Payments | $ 58,676 | $ 57,150 | ||||
Operating Lease, Cost | $ 19,018 | $ 19,018 | $ 57,053 | $ 57,053 | ||
Office and Laboratory Space [Member] | ||||||
Area of Real Estate Property | ft² | 4,070 | |||||
Lessee, Operating Lease, Term of Contract | 63 months | |||||
Operating Leases, Future Minimum Payments, Due In One Year | $ 56,471 | |||||
Lessee Operating Lease, Abated Rent | 18,824 | |||||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 77,330 | |||||
Operating Leases, Increases In Base Rent, Amount | 2,035 | |||||
Operating Lease, Right-of-Use Asset | $ 339,882 |
Note 4 - Lease - Future Minimum
Note 4 - Lease - Future Minimum Payments (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
2023 (remaining) | $ 19,841 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 80,552 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 82,587 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 56,132 | |
Total lease payments | 239,112 | |
Less: imputed interest | (19,396) | |
Total lease liability | 219,716 | |
Less: current portion of lease liability | (69,128) | $ (64,597) |
Long-term lease liability | $ 150,588 | $ 202,987 |
Note 5 - Commitments and Cont_2
Note 5 - Commitments and Contingencies (Details Textual) - USD ($) | Sep. 30, 2023 | Apr. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2015 |
Finite-Lived Intangible Assets, Gross | $ 3,314,663 | $ 2,655,409 | ||
Licensing Agreements [Member] | ||||
Commitments, Annual Payment | $ 50,000 | $ 100,000 | ||
Finite-Lived Intangible Assets, Gross | 451,557 | $ 451,557 | ||
Contractual Obligation | $ 1,165,089 | $ 838,458 |
Note 6 - Equity Incentive Pla_2
Note 6 - Equity Incentive Plan (Details Textual) | 9 Months Ended |
Sep. 30, 2023 USD ($) shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 12,000 |
Restricted Stock Units (RSUs) [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 39,750 |
The 2013 Equity Incentive Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 524,680 |
Share Based Compensation Arrangement By Share Based Payment Award, Grants In Period, Fair Value | $ | $ 529,389 |
Share-Based Payment Arrangement, Expense | $ | 263,558 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 1,944,010 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 10 months 24 days |
The 2013 Equity Incentive Plan [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 12,000 |
The 2013 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 12,200 |
The 2013 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Board Member [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 27,550 |
Note 6 - Equity Incentive Pla_3
Note 6 - Equity Incentive Plan - Stock Option Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Outstanding, options (in shares) | 513,948 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 7.59 | |
Outstanding, weighted average remaining life (Year) | 5 years 10 months 24 days | 6 years 7 months 6 days |
Granted, options (in shares) | 12,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 11.96 | |
Outstanding, options (in shares) | 525,948 | 513,948 |
Outstanding, weighted average exercise price (in dollars per share) | $ 7.69 | $ 7.59 |
Exercisable, options (in shares) | 463,950 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 7.09 | |
Exercisable, weighted average remaining life (Year) | 5 years 7 months 6 days |
Note 6 - Equity Incentive Pla_4
Note 6 - Equity Incentive Plan - Other Award Activity (Details) | 9 Months Ended |
Sep. 30, 2023 shares | |
Restricted Stock Units (RSUs) [Member] | |
Outstanding at December 31, 2022 (in shares) | 183,666 |
Granted (in shares) | 39,750 |
Vested (in shares) | (20,667) |
Outstanding at September 30, 2023 (in shares) | 202,749 |
Performance Stock Units (PSUs) [Member] | |
Outstanding at December 31, 2022 (in shares) | 114,000 |
Granted (in shares) | 0 |
Vested (in shares) | 0 |
Outstanding at September 30, 2023 (in shares) | 114,000 |
Note 7 - Warrants (Details Text
Note 7 - Warrants (Details Textual) - $ / shares | 9 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | Nov. 30, 2019 | |
Class of Warrant or Right, Outstanding | 786,420 | 786,420 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5.19 | $ 5.19 | |
Warrants and Rights Outstanding, Term | 1 year 4 months 24 days | ||
Maximum Beneficial Ownership Percentage of Warrants | 4.99% | ||
Maximum Beneficial Ownership Percentage of Warrants Upon Investor's Election | 9.99% | ||
Prefunded Warrants [Member] | |||
Class of Warrant or Right, Outstanding | 253,828 | 253,828 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |